Commission Delegated Regulation (EU) 2026/395 of 23 February 2026

What Changed

• - The amending Delegated Regulation updates the list of data fields required for the classification of prospectuses under Delegated Regulation (EU) 2019/979, impacting how issuers and their advisors must tag and submit prospectus information to natio
• The RTS amendment revises the list of information that can be incorporated by reference into a prospectus, narrowing or clarifying which external documents (e.g. previously published financial statements, management reports, or regulatory filings) ca
• Prospectus classification data fields are expected to better align with current ESMA Prospectus Register needs (for example finer product type, offer type, and home/host state metadata), requiring issuers and arrangers to adapt their internal prospec
• The updated incorporation-by-reference list seeks to ensure that only readily accessible and reliable information may be referenced, which will affect how issuers structure cross‑references to annual reports, interim financial information, and other
• National competent authorities, including the CSSF, will apply the revised RTS when reviewing and approving prospectuses and supplements, meaning filings that use outdated data sets or ineligible reference documents risk being rejected.
• For Luxembourg‑listed or Luxembourg‑approved securities, the CSSF will expect prospectus templates, internal checklists and electronic filing formats to reflect the new RTS from the date of application.

Suggested Considerations

• Map all existing prospectus templates, checklists and workflows against the revised Delegated Regulation (EU) 2019/979 data fields and immediately identify gaps in prospectus classification data and reference documentation.
• Update internal prospectus data dictionaries and metadata schemas so that all new and updated prospectuses capture the full revised list of ESMA classification data required by the amended RTS.
• Review and revise the firm’s incorporation‑by‑reference policy, including standard clauses and cross‑reference tables, to ensure only information categories permitted under the updated RTS are incorporated by reference.
• Reconfigure electronic filing tools and interfaces used for submissions to the CSSF (and other NCAs) so that they generate and transmit the updated RTS data set required for classification and ESMA register purposes.
• Train legal, capital markets, and product teams involved in prospectus drafting on the new RTS requirements, including examples of acceptable and non‑acceptable incorporation‑by‑reference documents.
• For live or recurring issuance programmes (such as EMTN, covered bond or structured note programmes), plan the next base prospectus update to simultaneously implement the new classification fields and revise incorporation‑by‑reference sections.

Key Dates

Who is Affected